Should You Move or Remodel?

Maybe your family is growing in size, your kids have left the nest, or you’re simply dreaming of a space with a larger kitchen or guest bedroom. Whatever the reason, many homeowners come to a point in their homeownership journey where they’ve outgrown their current space and are wondering: should I move, or should I remodel?

The answer to this question is not universal, and will vary from homeowner to homeowner depending on your needs and wants. When it comes to making this decision, your personal needs, preferences and finances are all factors.

If you’ve lived in your home a while and prefer to stay in your school district or neighborhood, improving your existing space may work best for you. If a second bathroom is what you desire, it may also be cheaper to convert existing space than to relocate to another home.

According to the American Homeowners Foundation, you can expect to spend 8 - 10 percent of your current home’s value when you move. With this number in mind, ask yourself if that money could be better spent on a remodeling project instead.

Chances are you’d increase your home’s value, derive more pleasure from your home than you did previously, and save yourself the time, expense and headache of a move.